The BBX franchise in financial services

What are the key criteria you are seeking in a prospective BBX franchisee?

Ideally we look for people with experience in white-collar professions such as banking, finance, insurance, financial planning or people who have had experience running their own business.

What is important is the ability to run and manage a business and the people who work in it, so general management capabilities is something we place emphasis on.

It is a people business, so franchisees need to be able to converse with business owners one-on-one, in person or by phone. Communication skills are therefore an essential component.

Which industry sectors are most requiring your services?

BBX works in just about every type of business and business sector but we are predominantly retail based, so any business, regardless of their position in the supply chain, that sells goods or services that have regular demand in the market place will benefit. Hospitality, including restaurants and accommodation, general retail shops, printers, signwriters, mechanical services all get regular business.

How do you market your services to potential customers?

It is best done in a face to face meeting with the prospective member, at which time the various financial benefits of doing business with a large barter trading network can be explained and fully understood. There are many benefits on offer, and a simple phone call or newspaper advert wouldn't do them justice. This means a bit of extra time for the business owner but it is a good investment and well worthwhile in the long run.

On average, how many staff members are employed in a franchisee model?

The franchise can start initially as an owner-occupied business unit, which over three the three years could grow to a staff of four as the business grows, (by which time the franchise will be servicing up to 300 clients).

Faster growth can be achieved through the employment of additional sales people. A franchise staff of five (owner/manager, sales person, two service staff, one receptionist/support) would ideally be servicing a franchise client base of up to 400 businesses. The franchise can be a new start-up or some franchisees may prefer to negotiate the purchase of an existing area and established client base.

Given the current economic climate, what is in store for your market within the next 2 to 5 years?

Locally, in both Australia and New Zealand, BBX will continue to grow its membership base organically (and by acquisition where suitable) through its network of company-owned and franchised offices. In addition, BBX is actively pursuing expansion into South East Asia through master franchise arrangements and is discussing global opportunities with other industry players. Particularly in the Australian and New Zealand markets, BBX will be exploring ways to increase awareness and exposure through a combination of new initiatives.

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